WEBVTT - Zelensky Interview, Trump Week One 

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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<v Speaker 2>President Vladimir Zelenski joined Bloomberg News Editor in chief John

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<v Speaker 2>mclethwaite for an exclusive sit down in Davos, Switzerland. He

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<v Speaker 2>commented on the relationship between Donald Trump and Chinese President

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<v Speaker 2>Jiji Ping. Let's listen in the.

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<v Speaker 3>Phone call during the war not to watch not enough.

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<v Speaker 3>I think, yes, he can push putin to piece. I'm sure.

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<v Speaker 3>I think that's only President Trump is strongest ancient zimpion.

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<v Speaker 3>I think that there's no other allies who can really

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<v Speaker 3>do it. Yes, because his economy put in a corner

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<v Speaker 3>after sanch after everything depends worthy much of China.

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<v Speaker 4>That was Ukraine President Bottomla Zelenski speaking with Bloomberg News

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<v Speaker 4>editor in chief of John Micklethwaite, want to go to

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<v Speaker 4>Ras Mathis and now Bloomberg News Director for Europe, Middle

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<v Speaker 4>East and Africa. Zelenski also telling Bloomberg News the peacekeeping

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<v Speaker 4>troops in his country must include the US. That's quite

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<v Speaker 4>a headline. What's the reality of.

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<v Speaker 5>That, Well, it's a reality that he says any peacekeeping

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<v Speaker 5>troops supplied by others, including the US, won't be nearly enough.

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<v Speaker 5>He says he needs many, many more peacekeeping troops to

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<v Speaker 5>really act as a proper deterrent to Russia in this case.

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<v Speaker 5>And it's also acknowledgement even in Europe amongst allies, it's

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<v Speaker 5>going to be a tricky question to get commitments to

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<v Speaker 5>a sizeable number of peacekeepers. You've got governments in Europe

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<v Speaker 5>that are fairly fragile at the moment. We've got political

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<v Speaker 5>chaos still in a couple of countries, elections coming up

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<v Speaker 5>in Germany, and the mood at home in these countries

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<v Speaker 5>may not be about putting their own troops potentially directly

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<v Speaker 5>in the line of five. Because that's what Zelenski is

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<v Speaker 5>talking about in this interview that we had at Davos.

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<v Speaker 5>It's not about peace keeping troops back way back behind

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<v Speaker 5>the lines in cities. It's possibly being directly in harm's way.

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<v Speaker 5>And so you can imagine for Donald Trump, who really

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<v Speaker 5>is averse to troops going into conflict zones and to

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<v Speaker 5>war as a whole, like committing to put US troops

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<v Speaker 5>potentially in harm's way. That's going to be a very

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<v Speaker 5>big call.

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<v Speaker 2>Okay, let's step back a little bit. Ros what's the

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<v Speaker 2>feeling within your part of the world about President Trump

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<v Speaker 2>and his administration being able to bring about some type

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<v Speaker 2>of ceasefire in Ukraine? Is that are the odds hiring?

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<v Speaker 2>Maybe there were several days ago, and is there center timing.

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<v Speaker 5>That certainly seems to be the direction of travel. It

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<v Speaker 5>was happening even before Donald Trump took office. You could

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<v Speaker 5>see that both Russia and Ukraine are position themselves to

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<v Speaker 5>get in the best possible space to negotiate. It's clear that,

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<v Speaker 5>you know, after years of war here that it's grinding on.

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<v Speaker 5>Russia is still making advances, and the mood, you know,

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<v Speaker 5>not just outside Ukraine, but increasingly inside Ukraine is do

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<v Speaker 5>we move towards some kind of negotiated solution. And you

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<v Speaker 5>can see in the comments from Zelenski in the interview

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<v Speaker 5>he's really acknowledging that. And so Donald Trump is going

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<v Speaker 5>to give that a big push, that's for sure, and

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<v Speaker 5>maybe he's the one who can really push Vladimir Putin

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<v Speaker 5>to the table, but it's definitely the direction of travel

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<v Speaker 5>either way.

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<v Speaker 4>How do you think the next few weeks play out

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<v Speaker 4>in relation to the chess pieces on the board?

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<v Speaker 6>Here?

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<v Speaker 5>An interesting thing is whether there is a phone call

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<v Speaker 5>between Vladimir Putin and Donald Trump. Is at a preliminary

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<v Speaker 5>step they have a phone call. Trump has said he

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<v Speaker 5>is willing to meet Putin in person. That would be

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<v Speaker 5>a really big meeting. Obviously, you know, thinking about just

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<v Speaker 5>location where they could do that for a start, and

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<v Speaker 5>what are the stakes having a face to face meeting.

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<v Speaker 5>But we're looking for that conversation to happen, and then

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<v Speaker 5>how does that conversation lead us towards the idea of

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<v Speaker 5>maybe a formal meeting between the two, and then at

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<v Speaker 5>some point do we get towards a full sit down?

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<v Speaker 5>And Ukraine obviously saying it needs to be very much

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<v Speaker 5>part of any of those negotiations. It cannot be that

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<v Speaker 5>Trump and Putin do a deal on the sidelines, and

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<v Speaker 5>very much that's been a vein of the comments in

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<v Speaker 5>the interview we had today.

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<v Speaker 2>So Ross, what is this broadly defined? You know that

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<v Speaker 2>your sources over there in Europe, how are they viewing

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<v Speaker 2>what's kind of transparent in the last few days here

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<v Speaker 2>with President Trump at being sworn in and maybe some

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<v Speaker 2>of the announcements coming out of the White House about

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<v Speaker 2>of various topics. What's the feeling in Europe generally, Well, you.

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<v Speaker 5>Can see that it's interesting the conversations at DUBOS because

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<v Speaker 5>they're very very upbeat on the US, be it CEOs

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<v Speaker 5>or others, and they're talking about the opportunities in the

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<v Speaker 5>US economy and the US market and very downbeat in

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<v Speaker 5>turn on Europe. But for leaders in a mea, it's

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<v Speaker 5>concerned about are we going to see a trade or

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<v Speaker 5>are we going to see this really descend into high

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<v Speaker 5>level trade friction protectionism?

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<v Speaker 6>What does that look like?

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<v Speaker 5>Is there a fight between the US and Europe over

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<v Speaker 5>regulation including a big tech for example, So a lot

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<v Speaker 5>of worry about how does this play out in practicality.

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<v Speaker 5>It's very clear Donald Trump is fast out of the

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<v Speaker 5>gate on a lot of things, and he wants to

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<v Speaker 5>get a lot of stuff done and he wants to

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<v Speaker 5>do it fast.

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<v Speaker 4>Hi, Ras, thanks a lot, really appreciate it. Rids Mathison,

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<v Speaker 4>Bloomberg News director for Europe, Middle East and Africa, someone

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<v Speaker 4>we talked to you yesterday on the show is like,

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<v Speaker 4>if you have something that Donald Trump wants, like, now's

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<v Speaker 4>the time to show it. A lot of that's in

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<v Speaker 4>the ground. I don't quite know what Europe brings to

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<v Speaker 4>that part of the table.

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<v Speaker 2>No, and as kind of you know, we just look

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<v Speaker 2>at europeconomically a lot of challenges. There are a lot

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<v Speaker 2>of headwinds, you know, even with its leading economy's most

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<v Speaker 2>notably Germany and France.

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<v Speaker 1>You're listening to the Bloomberg Intelligence Podcast. Catch the program

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<v Speaker 4>Let's get to Trump Day two here. So the latest,

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<v Speaker 4>of course, was now talking about ten percent TARA on China,

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<v Speaker 4>President Trump saying yesterday that other countries are bigger users,

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<v Speaker 4>though it's not just China. He also mentioned the European

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<v Speaker 4>Union and the three hundred and fifty billion dollar deficit

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<v Speaker 4>with them joining us now. Wendey Schiller, Professor at Brown University, Professor,

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<v Speaker 4>are we overestimating or underestimating what the tariff reality will

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<v Speaker 4>be at this point.

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<v Speaker 7>Alex, I mean, I think this is really a sort

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<v Speaker 7>of restraint by you know, literally restraint by Trump in

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<v Speaker 7>response to I think who you saw at the inauguration

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<v Speaker 7>inside the capitol, you know, big business, big tech, you know,

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<v Speaker 7>on a number of fronts, not just tarifs, but also

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<v Speaker 7>thinking about visas for workers.

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<v Speaker 8>You know, he's trying to balance.

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<v Speaker 7>This so that he doesn't impose a big shock to

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<v Speaker 7>the economy which would raise prices for goods, while he's

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<v Speaker 7>also deporting a lot of people who do work in

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<v Speaker 7>the shadow economy, and labor costs are going to go

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<v Speaker 7>up to So having all that happen means that his

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<v Speaker 7>promise to reduce inflation will be much harder to keep.

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<v Speaker 7>So I think that's where he's sort of walking the

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<v Speaker 7>line of keeping his word but really keeping an eye

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<v Speaker 7>on what the impact would.

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<v Speaker 8>Be on inflation.

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<v Speaker 2>Wendy, I guess one of the issues that I think

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<v Speaker 2>has kind of been put on the back burner just

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<v Speaker 2>a little bit is some of these cabinet nominees they

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<v Speaker 2>still have to go through Senate approval. Are we can

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<v Speaker 2>have any real challenges laid down by the Senate for

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<v Speaker 2>some of these nominees, well, Paul.

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<v Speaker 7>You know, I would have thought heg Seth would sail through,

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<v Speaker 7>you know, And you know, there's a pretty good margin

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<v Speaker 7>in the Senate in terms.

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<v Speaker 8>Of their margin of votes.

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<v Speaker 7>They fifty three, so unlike the House where they can't

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<v Speaker 7>really move without one person defecting then installs everything.

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<v Speaker 8>So these are only the purview of the Senate.

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<v Speaker 7>But you know, new allegations have come out about Hexseth's behavior,

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<v Speaker 7>and this question is that a liability Trump really wants

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<v Speaker 7>to assume and be commander in chief, and so I

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<v Speaker 7>think that's a little bit tenuous. I think Telsey Gabbard's

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<v Speaker 7>a little tenuous, and Robert Kennedy Junior.

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<v Speaker 8>Still there are some questions among some Republicans.

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<v Speaker 7>It really depends on where the Senate Republicans want to

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<v Speaker 7>draw a line in the sand with Donald Trump.

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<v Speaker 8>We haven't seen any of that line yet.

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<v Speaker 7>But as sort of reaverb comes back on some of

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<v Speaker 7>the decisions he's making to executive.

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<v Speaker 8>Orders, there's more pressure on the Senate to exert itself.

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<v Speaker 4>We saw a little bit around the pardon of January

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<v Speaker 4>sixth individuals. There was like a touch of that in

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<v Speaker 4>the Senate, but nothing's sort of full throated, how long

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<v Speaker 4>do you think that's going to take for us to

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<v Speaker 4>get a good read on?

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<v Speaker 8>Well, I think Republican senators are going to pick their battles.

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<v Speaker 7>Part of that's going to be who's up for reelection,

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<v Speaker 7>Like Joni Ernst on the hexeth nomination. She's from Iowa,

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<v Speaker 7>She's got reelection at twenty twenty six. They're worried about

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<v Speaker 7>being primary. Do they really think Trump will still have

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<v Speaker 7>the mojo to get somebody really good to primary them

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<v Speaker 7>a year from now? They're calculating their electoral future, and

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<v Speaker 7>then the other senators are trying to figure out what's

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<v Speaker 7>going to be the most important thing to try to

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<v Speaker 7>block from the Trump administration when it comes to either

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<v Speaker 7>their beliefs or their state, it's too early for them

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<v Speaker 7>to make that move or.

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<v Speaker 8>Make that call.

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<v Speaker 7>The only ones I think who could step out are

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<v Speaker 7>people who are not up for reelection for another four

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<v Speaker 7>years because they don't really see themselves.

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<v Speaker 8>As tied to Trump electorally.

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<v Speaker 7>So this is about electoral politics, but it's also about

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<v Speaker 7>the center prerogative. Rand Paul's gone out there about using

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<v Speaker 7>the military in terms of deportations.

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<v Speaker 8>He said, no, he doesn't want to see that.

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<v Speaker 7>So we'll have to look to the Senate because the

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<v Speaker 7>House is just barely hanging on in its majority. The

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<v Speaker 7>Senate Republicans will be key to either moving things forward,

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<v Speaker 7>objecting or stalling.

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<v Speaker 2>Uh, Professor, what's the latest on DOGE. What's the filling

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<v Speaker 2>in Washington, DC about what kind of efficacy that unit

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<v Speaker 2>could have?

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<v Speaker 8>Well, well, this is where labeling matters.

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<v Speaker 7>Department of Government efficiency sounds really official, like it's a

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<v Speaker 7>big cabinet department, but Congress has to create cabinet departments.

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<v Speaker 8>You can't just do that whole cloth as president.

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<v Speaker 7>So now it's really just sort of a commission seless

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<v Speaker 7>agency which the president can create. In fact, Obama created

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<v Speaker 7>sort of a similar thing on digital technology. So when

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<v Speaker 7>you think about that, that makes it sort of smaller

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<v Speaker 7>and maybe a little bit less scary.

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<v Speaker 8>It'll be people who are embedded in all of the

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<v Speaker 8>agencies and.

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<v Speaker 7>The departments that say, you know, do we need this

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<v Speaker 7>many people? Can we do this more efficiently?

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<v Speaker 6>You know?

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<v Speaker 7>How can we streamline cost expenses and jurisdiction? You know,

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<v Speaker 7>can we get the federal government to shrink not only

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<v Speaker 7>in its size but in its reach? And I think

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<v Speaker 7>that's where Trump can skirt any kind of congressional stalling

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<v Speaker 7>or objections.

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<v Speaker 4>Does it make a difference. Can those little tinkerings make

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<v Speaker 4>a dent in the deficit or budget?

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<v Speaker 7>Well, you know, everything adds up when you think about it,

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<v Speaker 7>not just federal employees, which, by the way, Trump is

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<v Speaker 7>ordering back to work following a lot of big industries,

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<v Speaker 7>a lot of big companies are saying it's time to

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<v Speaker 7>come back to work in the office.

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<v Speaker 8>And of course we've.

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<v Speaker 7>Seen the damage to local economies big and small in

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<v Speaker 7>terms of the loss of all those people coming to

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<v Speaker 7>and from work. So Trump is going to make the

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<v Speaker 7>claim that getting people back in the office is there

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<v Speaker 7>for the economy, and if that happens, if local economies

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<v Speaker 7>pick up because of that, he'll be proven correct.

0:11:11.720 --> 0:11:12.320
<v Speaker 8>In that assumption.

0:11:12.559 --> 0:11:14.720
<v Speaker 2>Hi, Wendy, thank you so much. As always, Wendy Schuler,

0:11:14.760 --> 0:11:17.280
<v Speaker 2>Professor at Brown University.

0:11:19.160 --> 0:11:22.840
<v Speaker 1>You're listening to the Bloomberg Intelligence Podcast. Catch us live

0:11:22.920 --> 0:11:26.319
<v Speaker 1>weekdays at ten am Eastern on Applecarclay, and Android Auto

0:11:26.440 --> 0:11:29.480
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0:11:29.520 --> 0:11:32.960
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0:11:33.720 --> 0:11:36.560
<v Speaker 2>David Kopla joins us. He's a founder, chief executive officer

0:11:36.600 --> 0:11:40.680
<v Speaker 2>and chief investment strategist at Mainstay Capital Management. Hey, David,

0:11:40.800 --> 0:11:44.160
<v Speaker 2>early into this earning season, but again, you know, double

0:11:44.200 --> 0:11:47.080
<v Speaker 2>digit earnings is kind of what analysts are forecasting, and

0:11:47.160 --> 0:11:49.760
<v Speaker 2>some people see that as a head risk. Which what's

0:11:49.800 --> 0:11:52.200
<v Speaker 2>your sense as to earnings and kind of support for

0:11:52.240 --> 0:11:52.720
<v Speaker 2>this market.

0:11:54.120 --> 0:11:56.720
<v Speaker 6>Well, I think that earnings are going to be the

0:11:56.800 --> 0:11:59.319
<v Speaker 6>catalyst this year. We need earnings to be strong. We're

0:11:59.320 --> 0:12:03.680
<v Speaker 6>looking at twelve percent earnings growth our estimate for the

0:12:03.760 --> 0:12:07.520
<v Speaker 6>fourth quarter. As you said, as the introduction of the segment.

0:12:07.600 --> 0:12:12.000
<v Speaker 6>We had just blowout bank earnings last week, fantastic. We

0:12:12.040 --> 0:12:16.600
<v Speaker 6>had Netflix come through with very good news, and we

0:12:16.720 --> 0:12:20.360
<v Speaker 6>think that we'll have a strong earning season and we'll

0:12:20.400 --> 0:12:23.160
<v Speaker 6>continue to have strong earnings into this year. There's some

0:12:23.160 --> 0:12:26.040
<v Speaker 6>pretty lofty forecasts, you know, looking at fourteen to fifteen

0:12:26.040 --> 0:12:29.720
<v Speaker 6>percent earnings for twenty twenty five, and there are some

0:12:30.640 --> 0:12:33.000
<v Speaker 6>problems that could come. But you know, if we look

0:12:33.040 --> 0:12:38.679
<v Speaker 6>what's happened so far. Everyone was worried about tariffs. I

0:12:38.760 --> 0:12:41.040
<v Speaker 6>was quoted in an article last week about tariffs that

0:12:41.160 --> 0:12:44.679
<v Speaker 6>I think that President Trump will use tariffs more as

0:12:44.720 --> 0:12:47.880
<v Speaker 6>a negotiating tool than just a simple economic tool. Just

0:12:48.000 --> 0:12:51.400
<v Speaker 6>impose them, to impose them. He's threatened tariffs at twenty

0:12:51.400 --> 0:12:55.160
<v Speaker 6>five percent on Canada and Mexico, ten percent on China,

0:12:55.559 --> 0:12:59.840
<v Speaker 6>but hasn't done anything yet, hasn't his His announcements on

0:13:00.080 --> 0:13:02.040
<v Speaker 6>at with everything in the last couple of days at

0:13:02.120 --> 0:13:05.040
<v Speaker 6>least have been pretty benign. So the market has read

0:13:05.080 --> 0:13:07.920
<v Speaker 6>that as good news because that would be certainly an

0:13:07.920 --> 0:13:12.480
<v Speaker 6>impact because of impact costs, input costs, potential inflation driver,

0:13:13.400 --> 0:13:16.439
<v Speaker 6>that could be an impact on earnings. But so far,

0:13:16.520 --> 0:13:19.480
<v Speaker 6>we continue to look for good earnings in twenty five,

0:13:19.559 --> 0:13:22.400
<v Speaker 6>and we're seeing good earning surprises so far for the

0:13:22.440 --> 0:13:23.680
<v Speaker 6>fourth quarter of twenty four.

0:13:25.120 --> 0:13:27.680
<v Speaker 4>So to that point, will and I'm kind of laughing

0:13:27.720 --> 0:13:29.240
<v Speaker 4>at myself as I say this, but I mean it

0:13:29.320 --> 0:13:31.960
<v Speaker 4>will twenty twenty five be the year of the stock picker.

0:13:33.080 --> 0:13:34.920
<v Speaker 4>Will this finally be the case that you may not

0:13:35.040 --> 0:13:38.160
<v Speaker 4>see the whole index rise as much, but individually some

0:13:38.200 --> 0:13:41.319
<v Speaker 4>of these sectors, some of these names can really outperform.

0:13:42.280 --> 0:13:44.800
<v Speaker 6>Yeah, you know, we hear that all the time. I mean,

0:13:44.840 --> 0:13:46.559
<v Speaker 6>we hear it all the time. This will be the

0:13:46.640 --> 0:13:48.960
<v Speaker 6>year of the stock picker. Right now, it's time to

0:13:49.000 --> 0:13:51.640
<v Speaker 6>pick stocks. You just can't buy the market. I would

0:13:51.640 --> 0:13:54.480
<v Speaker 6>say in this year that is going to be true.

0:13:55.280 --> 0:13:58.640
<v Speaker 6>It's important to us as tactico asset allocators. You know,

0:13:58.679 --> 0:14:00.840
<v Speaker 6>That's what we've been talking about our clients and the

0:14:00.880 --> 0:14:04.720
<v Speaker 6>other people we're educating, is you know, in an election year,

0:14:05.320 --> 0:14:07.360
<v Speaker 6>there's so many people that moved the sidelines. Look how

0:14:07.440 --> 0:14:10.560
<v Speaker 6>much money went to money market funds last year just

0:14:10.600 --> 0:14:14.000
<v Speaker 6>because of uncertainty or such a conviction about if this

0:14:14.600 --> 0:14:17.040
<v Speaker 6>candidate wins or this candidate wins, what that'll mean for

0:14:17.080 --> 0:14:20.240
<v Speaker 6>the market. What's really most important are what are the

0:14:20.280 --> 0:14:22.480
<v Speaker 6>policies of each of those candidates. The thing to do

0:14:22.560 --> 0:14:26.400
<v Speaker 6>is stay invested. Twenty twenty four prove that again best

0:14:26.520 --> 0:14:30.640
<v Speaker 6>election year in decades, right for the markets, And as

0:14:30.640 --> 0:14:33.680
<v Speaker 6>we roll into twenty twenty five, we're doing well again.

0:14:33.760 --> 0:14:37.480
<v Speaker 6>But it's we're seeing where policy is going to matter,

0:14:37.840 --> 0:14:41.840
<v Speaker 6>and we're already seeing where that's affecting these different sectors

0:14:41.920 --> 0:14:44.560
<v Speaker 6>and different companies. Look at Oracle, you know, with this

0:14:44.600 --> 0:14:47.280
<v Speaker 6>five hundred billion dollar project that's been announced they might

0:14:47.280 --> 0:14:51.160
<v Speaker 6>participate in. They've rallied on that news. So it is

0:14:51.240 --> 0:14:54.640
<v Speaker 6>going to be going through sector by sector, industry by industry,

0:14:56.320 --> 0:14:58.880
<v Speaker 6>which with the policies that are going into effect which

0:14:58.920 --> 0:15:02.480
<v Speaker 6>will be favorably impact which won't. And yes, that will

0:15:02.600 --> 0:15:05.480
<v Speaker 6>drive I think more of a selection of at least

0:15:05.480 --> 0:15:11.080
<v Speaker 6>sectors versus stocks, and or sectors and stocks versus just

0:15:11.200 --> 0:15:12.120
<v Speaker 6>being in the index.

0:15:12.920 --> 0:15:16.000
<v Speaker 2>So, David, one of the stats I see thrown about

0:15:16.000 --> 0:15:18.520
<v Speaker 2>a lot money market funds and now it's close to

0:15:18.680 --> 0:15:23.280
<v Speaker 2>seven trillion in assets. Is it fair to think of

0:15:23.280 --> 0:15:27.760
<v Speaker 2>that as fuel for potential stock and bond rallies or

0:15:27.800 --> 0:15:30.000
<v Speaker 2>is that just money that is in money market funds

0:15:30.040 --> 0:15:32.040
<v Speaker 2>and don't expect it to come into risk your assets.

0:15:32.960 --> 0:15:35.760
<v Speaker 6>I think it's fair to think of it as fuel

0:15:35.880 --> 0:15:38.880
<v Speaker 6>or dry powder for the markets to a degree. As

0:15:38.920 --> 0:15:41.280
<v Speaker 6>I said, we know a lot went into the market

0:15:41.400 --> 0:15:44.240
<v Speaker 6>or went into money markets last year because of concern

0:15:44.280 --> 0:15:46.880
<v Speaker 6>over the election. I think that'll start coming back out.

0:15:47.040 --> 0:15:49.960
<v Speaker 6>But also we have now the highest interest rates right,

0:15:50.000 --> 0:15:53.200
<v Speaker 6>the highest yields on money market accounts that we've had

0:15:53.240 --> 0:15:56.200
<v Speaker 6>in years over a decade, and so people can enjoy

0:15:56.640 --> 0:15:59.080
<v Speaker 6>a four and a half five percent return in a

0:15:59.120 --> 0:16:02.840
<v Speaker 6>money market account with a guaranteed return and feel very

0:16:02.840 --> 0:16:05.560
<v Speaker 6>safe about that. But you look at last year, there

0:16:05.560 --> 0:16:07.280
<v Speaker 6>were people that did that and then saw what the

0:16:07.320 --> 0:16:10.440
<v Speaker 6>market did and looked at that opportunity cost. So I

0:16:10.480 --> 0:16:15.440
<v Speaker 6>think that as Trump rolls out his policies, we see

0:16:15.480 --> 0:16:19.360
<v Speaker 6>that the economy is doing maybe better than some might expect.

0:16:19.880 --> 0:16:22.800
<v Speaker 6>It certainly doesn't look like a recession right now. That

0:16:23.120 --> 0:16:25.640
<v Speaker 6>we could see the markets continue to do well, and

0:16:25.680 --> 0:16:29.520
<v Speaker 6>we'll see that money come back in which came out

0:16:29.560 --> 0:16:32.760
<v Speaker 6>a lot right at the end of last year early

0:16:32.800 --> 0:16:35.720
<v Speaker 6>this year. And really, you know, when we're setting a

0:16:35.800 --> 0:16:37.960
<v Speaker 6>record for money market accounts, that's a lot of cash

0:16:38.000 --> 0:16:38.800
<v Speaker 6>on the sidelines.

0:16:39.600 --> 0:16:41.520
<v Speaker 4>All right, we appreciate it. Thank you so much for

0:16:41.560 --> 0:16:43.840
<v Speaker 4>the insight. Looking forward to how this year unfold.

0:16:43.880 --> 0:16:44.640
<v Speaker 8>I got to be honest at.

0:16:44.600 --> 0:16:47.360
<v Speaker 4>David Coodluck, Calendar, CEO and Chief Investment Strategy.

0:16:47.960 --> 0:16:52.640
<v Speaker 1>This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,

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